A single whale has wiped out nearly all of SIREN token's value, selling roughly 670 million tokens — about 92% of the total supply — for $64.8 million. The sell-off, which unfolded over the past week, sent the token's price crashing roughly 95%. On-chain data shows the entire dump came from one dominant wallet that emptied its position into a thin market.
How one wallet drained the market
The whale's wallet held a massive chunk of SIREN's circulating supply. When it started selling, the token's shallow liquidity meant each trade hammered the price. Over several days the wallet offloaded 670 million tokens, pocketing $64.8 million. By the time the selling stopped, SIREN had lost almost all its value. The market simply couldn't absorb that volume without a collapse.
On-chain sleuths spot the move
Blockchain intelligence platform Lookonchain first flagged the whale activity. The firm's analysts traced the transactions back to the single wallet and calculated the size and impact of the dump. Their report gave the broader crypto community the first clear picture of what had happened — a concentrated sell-off from a holder that controlled nearly the entire token supply.
What the data shows
The scale is hard to overstate. The whale sold tokens worth $64.8 million at prices before the crash began. That 670 million figure represents roughly 92% of all SIREN tokens that will ever exist. After the wallet emptied, the token's market depth evaporated. Anyone still holding SIREN was left with near-worthless coins. The chain data makes it clear: this wasn't a gradual distribution or a coordinated dump — it was one holder exiting in a market too small to handle the exit.
The question now is whether any liquidity returns to SIREN. The token still trades, but at a fraction of its former price. New buyers may step in at these levels, or the project could fade into irrelevance. For now, the whale's sell-off remains the defining event in SIREN's history.
